CHICAGO — Meridian Capital Group has arranged $19.9 million in bridge financing for the acquisition of Ivy Park Homes, a multifamily community on Chicago’s South Side. The 80-acre property was 62 percent occupied and features a basketball court, jogging path, softball field and on-site parking. The three-year loan, provided by a national balance sheet lender, features full-term, interest-only payments and two one-year extension options. David Hayum, who works from Meridian’s New York City headquarters, arranged the financing.
CHICAGO — The Illinois Bone & Joint Institute (IBJI) has selected The Missner Group to undertake a renovation and expansion project for the company’s North Canal Street offices in Chicago. The 2,900-square-foot expansion will include interior improvements, a new physical therapy gym, reception area, paint and flooring. Heath Yarger is the project manager and Steve Bulger is the project superintendent for The Missner Group. Stephen Rankin Associates is providing the architectural services. The project is scheduled for completion in summer 2017.
CHICAGO — The Habitat Co. has been awarded the property management and leasing contracts for two luxury apartment properties totaling 444 units in Chicago and Evanston, Ill. The Reserve at Evanston is a four-story building located at 1930 Ridge Ave. Habitat will consult on repositioning and upgrading the property, which opened in 2009. Amenities include a cyber café, fitness center, poolside gas grills and complimentary coffee bar. Barings owns the property. Slated to open this July, 640 North Wells consists of 250 apartment units. The new tower is located in Chicago’s River North neighborhood. Amenities include a rooftop swimming pool, fitness center, open-air terraces and lounges, billiards lounge and golf simulator. JDL Development is the developer.
CHICAGO — Associated Bank has provided a $4.9 million loan for the construction of a self-storage facility in Chicago. The 49,182-square-foot facility will be located at 3914 W. 111th St. Banner Storage Group is developing the climate-controlled facility. Edward Notz of Associated Bank managed the loan and closing.
CHICAGO — Ivanhoé Cambridge and Callahan Capital Properties have acquired 125 S. Wacker Drive in downtown Chicago for $145 million. The 576,000-square-foot office building is situated at the corner of South Wacker Drive and West Adams Street in the West Loop. The property features a variety of tenant amenities, including a fitness center, conference center, quick-serve restaurant and financial services. The 31-story tower was originally constructed as a headquarters facility for Northern Trust. The new owners plan to make upgrades to the lobby, elevators and other amenities.
SCHILLER PARK, ILL. — PREMIER Design + Build Group LLC will construct a 157,525-square-foot industrial property in Schiller Park near the Chicago O’Hare International Airport. The project will include demolition of a bakery in order to build two separate industrial buildings in its place. Easily accessible to I-294, the property will feature an 84,700-square-foot building and a 72,825-square-foot building. Both facilities will feature 32-foot clear heights, truck courts, loading docks, ESFR sprinklers and retention ponds. Each building will be able to accommodate multiple tenants. Mark Melone, Christopher Kiziak and Zach Gadomski of PREMIER are responsible for the project. Cornerstone will provide architectural services, and Swift Structural Design and Knight Engineering will provide engineering expertise. Bridge Development Partners is the developer. The project will be completed by the end of the second quarter this year.
CHICAGO — SVN | Chicago Commercial has brokered the sale of a self-storage portfolio in Chicago’s West Loop for $13.5 million. The portfolio consists of three buildings totaling 60,000 square feet. Extra Space occupies the buildings, which are located at 1230-1242 W. Washington Blvd. Chad Schroedl, Drew Dillon, and Scott R. Maesel of SVN brokered the transaction. Neither the buyer nor the seller was disclosed.
SCHAUMBURG, ILL. — Cohen Financial, a division of SunTrust Bank, has arranged an $8 million loan for the acquisition of 1933 N. Meacham Road in Schaumburg. The 142,164-square-foot office property is located at the intersection of Meacham and Algonquin roads. Cohen Financial arranged the five-year loan with Chicago-based First Midwest Bank. The borrower was St. Louis-based Integris Ventures.
CHICAGO — Law firm Barack Ferrazzano Kirschbaum & Nagelberg LLP has renewed its 99,756-square-foot office lease at 200 W. Madison in Chicago’s West Loop. The firm is the largest tenant within the 928,040-square-foot building and will occupy the space through 2032. Barack Ferrazzano Kirschbaum & Nagelberg moved into the space 10 years ago, replacing Hyatt Hotels Corp. as the anchor tenant. Kyle Kamin, Cal Wessman and Mark Cassata of CBRE represented the tenant in the lease transaction. Jeff Dowdell, Katie Steele, Courtney Rosoff and Michael Lirtzman of Transwestern brokered the lease on behalf of the owner, Bentall Kennedy’s U.S. core fund. Transwestern has managed the property since 2011. A recent $5 million renovation included an updated lobby, modernized elevators, new tenant lounge and expanded fitness center with yoga room.
CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.